Extended Warranty Market Size, Share, Statistics Report 2024-2032

IMARC Group, a leading market research company, has recently releases report titled "Extended Warranty Market Report by Coverage (Standard Protection Plan, Accidental Protection Plan), Application (Automobiles, Consumer Electronics, Home Appliances, Mobile Devices and PCs, and Others), Distribution Channel (Manufacturers, Retailers, and Others), End User (Individuals, Business), and Region 2024-2032", Offers a comprehensive analysis of the industry, which comprises insights on the global extended warranty market.

How Big Is the Extended Warranty Market?

The global extended warranty market size reached US$ 139.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 232.8 Billion by 2032, exhibiting a growth rate (CAGR) of 5.8% during 2024-2032.

Factors Affecting the Growth of the Extended Warranty Industry:

• Technological Advancements:

Rapid technological advancements shorten the lifespan of products, which is catalyzing the demand for extended warranties. In addition, people are often enticed by the latest features and improvements, resulting in more frequent product upgrades. This creates a demand for extended warranties as individuals want to safeguard their investments in new and evolving technology. Apart from this, extended warranties ensure that individuals can enjoy the benefits of their products without concerns about obsolescence or costly replacements. Furthermore, people are increasingly seeking protection and longevity for their purchases.

• Rising Complexity of Modern Products:

The increasing complexity of modern products is contributing to the growth of the market. In line with this, products are becoming more complex as smartphones have intricate circuitry and advanced automobiles comprise integrated technologies. Moreover, the growing need for specialized repair services on account of rising breakdowns in products is positively influencing the market. Apart from this, people are often hesitant to repair complex products themselves or take them to unauthorized repair shops, making extended warranties an attractive option. Furthermore, extended warranties cover not only common issues but also complex and costly repairs.

• Increasing Awareness among Individuals about Extended Protection:

The rising awareness among individuals about the importance of extended protection of products is propelling the market growth. Apart from this, people are seeking peace of mind when it comes to their purchases, especially for high-value items like electronics, appliances, and vehicles. Extended warranties offer a safety net, assuring buyers that they do not have to pay additional charges. Moreover, the increasing adoption of extended warranties, as they assist in reducing the risk of unexpected repairs or financial losses, is strengthening the market growth.

For an in-depth analysis, you can refer sample copy of the report : https://www.imarcgroup.com/extended-warranty-market/requestsample

Leading Companies Operating in the Global Extended Warranty Industry:

• Allianz Assistance (Allianz SE)
• American International Group Inc.
• AmTrust Financial
• Assurant Inc.
• Asurion LLC
• Axa S.A.
• Carchex
• CarShield LLC
• Chubb
• Edel Assurance LLP
• Endurance Warranty Services LLC
• SquareTrade Inc. (The Allstate Corporation)

Extended Warranty Market Report Segmentation:

By Coverage:

• Standard Protection Plan
• Accidental Protection Plan

Standard protection plan represented the largest segment as it provides protection against defects and malfunctions for an additional period.

By Application:

• Automobiles
• Consumer Electronics
• Home Appliances
• Mobile Devices and PCs
• Others

Automobiles accounted for the largest market share due to the rising need to protect against potential mechanical and electrical failures in vehicles.

By Distribution Channel:

• Manufacturers
• Retailers
• Others

Manufacturers hold the biggest market share as they offer extended warranty programs directly to individuals at the point of sale (POS).

By End User:

• Individuals
• Business

Individuals exhibit a clear dominance in the market due to the increasing adoption of electronics and automobiles.

Regional Insights:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

North America enjoys the leading position in the extended warranty market on account of the rising demand for high-value products among individuals.

Global Extended Warranty Market Trends:

Changes in regulations and consumer protection laws significantly impact the extended warranty market. In line with this, regulatory changes often mandate enhanced transparency in the terms and conditions of extended warranties. Furthermore, providers may be required to clearly outline what is covered, what is excluded, and any limitations or conditions, which is bolstering the market growth.

The rising focus on purchasing extended warranties through online mode is supporting the market growth. In addition, online platforms allow people to easily compare warranty options and make informed decisions. They also simplify the process, making it convenient for individuals to add extended warranties to their purchases.

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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